Why You Should Use Your VA Loan Benefit
No Down Payment
The VA Loan program is the only loan program that will allow you to finance 100% of the home’s value and purchase the home with $0 to put down. In many cases, banks are requiring 10-20% down which can put many individuals out of reach of homeownership.
No PMI, Can Save You Hundreds Every Single Month
Because the VA Loan is a government backed loan, banks will not require that you purchase PMI (Private Mortgage Insurance) which can add hundreds to your monthly expenses if you would otherwise be required to obtain private mortgage insurance.
Interest Rate Advantage
The Interest Rate Advantage of the VA Loan can add quickly in savings as well. VA Loans are typically 0.5%-1% lower than conventional loans. Rates for VA Loans are lower because a VA Loan is backed by the government and are less risky.
Qualification is Easier
For a first time home buyer who qualifies for a VA Loan, the deal keeps getting sweeter. Guidelines for a VA Loan are less stringent because of the government backing. Relaxing the lending rules for VA Loans makes it easier to obtain.
You can read more about the VA Loan and it’s processes by visiting the VA websites. Want to see what a VA Loan can do for you? Take advantage of your VA Benefit today and visit a VA Texas Mortgage Bank.